Why Did KKR Win?

The shareholders did not want Ross Johnson to gain control of the company for all his excessive spending and the huge payout Johnson to receive.

I'm having a hard time rationalizing why Charlie Hugel was so adamant against Ross Johnson, too. Charlie Hugel's job#1 was to get the best possible dollar for the shareholders, and not to worry about how the company might be with Ross still at the helm after the buyout took the company private. That was none of Charlie Hugel's business or concern.

Yes, Ross was extravagant, but he truly loved running that company, and yes, had Ross' team won, the burden of profitability would have been solely on him, so I don't blame Ross for his extravagance, if that burden was on me, I would probably want to be the only person who decides how big of an "air force" I would need to have. Because at that point, my perceived largess would be none of Charlie Hugel's business, as the people (shareholders) he represents are now out of the picture. It would be between me, my management team, and the investors whose money I borrowed and who Charlie Hugel does not represent.

I don't understand why his contempt for Ross' package would ever lead him to choose the lowball figure, leaving behind some of the soon to be bought-out shareholder's money lying on the table. You would think he was setting himself up to be sued by a minority of shareholders who eventually wised up and who otherwise expected top dollar to be fetched without any concern of the company's trajectory after it went private. Charlie let his hatred of Ross's extravagance cloud his judgement, even though Charlie had grabbed his share of pampering on the Riviera himself.